Answer:
The answer are given below
Explanation:
1.Copyright $135,250
Useful life 5 years
Amortization for the year (135,250/5) $27,050
Amortization Expense Dr.$27,050
Accumulated Amortization Cr.$27,050
2. Patent $118,800
Useful life 5 years
Amortization for the year (118,800/500) $23,760
Amortization Expense Dr.$23,760
Accumulated Amortization Cr.$23,760
3. Goodwill $152,800
No amortization will be recorded as the intangible has indefinite useful.
In case 1 & 2 above, useful life is considered for working amortization on intangibles as their legal lives are greater than their useful life. Therefore useful life is used for the calculation.
